Rent prices have risen by nearly 25% at the Burj Khalifa, the world’s tallest building, thanks to high demand.
While rent prices across Dubai have risen by 8%, those in the Burj Khalifa have sky-rocketed by 23% according to property consultant Knight Frank LLP.
And it’s not just the Burj Khalifa that’s seen rent rises.
Downtown Dubai has seen average prices increase by more 17% over the last year.
It’s all thanks to high demand from the super-rich.
“The theme for 2021 has been the exponential rebounding of Dubai’s luxury residential market,” Faisal Durrani, head of Middle East research at Knight Frank, wrote in a report. “At almost 2,100 dirhams per square foot, the Burj Khalifa falls squarely into this category.”
There is some good news, however.
Prices at the Burj Khalifa, which recently celebrated its 12th birthday, are still nearly a third below their 2014 peak.
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